North Carolina Down Payment Assistance Programs

Payments Gateway - These programs will be the Mortgage Credit Certificate as well as the deposit Assistance Program.

If you meet the requirements for one of those programs and also you purchase a property between December 1, 2009 and January 1, 2009, you could also qualify for the $8,000 tax credit only enacted into law.

First, who is a first-time Home Buyer? A First Time Home Buyer is someone who has not owned a house in the previous three years. That is the same qualifying definition for the $8,000 tax credit.

All home owners can claim an itemized deduction for mortgage interest.

Should you are eligible for the MCC, you can claim 20% of the interest you pay as a credit on your own federal income taxes. It's possible for you to save around .

You may find a way to join this with the $8,000 tax credit should you qualify for 2009, for the MCC. This would reduce a buyer's tax liability .

Who Qualifies for an MCC?

Who qualifies for an MCC is based on the cost of the house and your income you are purchasing. Household income is defined as the “gross income of the mortgagor and any other man expected to reside in the residence who's 18 years old or older.”

The income and house price limitations that apply in Durham Orange and Chatham Counties are listed below.

MCC Income Limitations 1 Person $61,500 2 Individuals $61,500 3 Individuals $70,500 4 Individuals $70,500

MCC Sales Price Limits New Home $220,000 Existing Dwelling $210,000

Who Qualifies for Down Payment Help?

Home buyers that want help with their deposit and closing costs may be able to get down payment assistance - or, put simply, interest-free, deferred second mortgages up to $8,000. The customer only needs to pay and the load would pay up to .

This program has stricter income limits than the MCC plan outlined above. Like the MCC program, it might be used in conjunction with the new $8,000 tax credit on house purchases between January 1, 2009 and December 1, 2009. The deposit help, however, can't be applied along together with the MCC. That is an either or scenario.

House price limitations that apply in Durham, Orange and Chatham Counties and the income are given below.

Down Payment Assistance Income Limits

1 Man $39,950 2 Men $45,650 3 Persons $51,350 4 Men $57,050

Down Payment Assistance Sales Cost Limits New House $210,000 Existing House $210,000